Challenge: Baby Boomers may have unrealistic expectations about the time it takes to close a home purchase.
Solution: Fifteen years ago, the mortgage industry advertised the possibility of loan closing in 10 days or less. Following the housing bubble, the loan process typically requires more documentation and verification than in recent years. In May 2013, the mortgage industry’s average time to close a purchase loan was 44 days, according to the Ellie Mae Origination Insight Report. Real estate professionals should clearly communicate with clients and set realistic expectations about the timeframe in order to plan and carry out the home purchase process as efficiently and smoothly as possible.
Challenge: Baby Boomers may not be aware of new resources and tools available.
Solution: Real estate professionals should help connect Baby Boomer clients with tools and resources to help them stay organized. As technology and social media continues to advance, the steps that go into selling and buying a home have changed. However, Baby Boomers may not necessarily be familiar with the extensive resources available within the real estate and mortgage industries. Real estate professionals can help their clients by introducing them to tools such as the online Home Loan Guide and Home Loan Planner from Bank of America.
Considering the significant numbers of Baby Boomers, and the volume of real estate they control, it is vital that real estate agents examine the challenges that could prove a stumbling block to earning trust. By working with a mortgage lending officer, properly communicating and providing the right tools and resources, assisting Baby Boomers through the new realities of today’s real estate market could help to successfully grow business.
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